On 2 April, Canadian Imperial Bank of Commerce Sydney Branch (CIBC Sydney) (A+/Aa2/AA-) launched a new three-year, Australian dollar denominated, floating-rate note, covered bond transaction. Indicative price guidance for the forthcoming deal, which is expected to price on the day of launch, is 125 basis points area over three-month bank bills.
The Reserve Bank of New Zealand (RBNZ) has added a term lending facility (TLF) for banks to its suite of COVID-19 relief measures. It has also restricted banks from redeeming capital instruments that are not common-equity tier-one (CET1).
On 1 April, Canadian Imperial Bank of Commerce Sydney Branch (CIBC Sydney) revealed plans for a three-year, domestic, covered bond deal, to be led by CIBC Capital Markets, HSBC, National Australia Bank and Westpac Institutional Bank. Launch is expected in the near future. The notes are expected to be rated Aaa/AAA.
The Australian Office of Financial Management released further details on March 20 about its A$15 billion (US$8.8 billion) fund to support authorised deposit-taking institutions (ADI) and nonbank lenders via purchases of asset-backed securities. The AOFM revealed it would “provide support primarily (but not exclusively) within the non-ADI market”.